Important notice regarding Valaris plc (in administration) (“Old Valaris”)

As part of the implementation of the Valaris Group’s Plan of Reorganization (the “Plan”), Jonathan Charles Marston and Mark Granville Firmin of Alvarez & Marsal Europe LLP were appointed as Joint Administrators of Old Valaris on 30 April 2021. The Joint Administrators are authorized to act as insolvency practitioners by The Institute of Chartered Accountants in England and Wales.

Shortly following their appointment, the Joint Administrators completed certain transactions pursuant to the Plan (together “the UK Transaction”), resulting in the sale of substantially all of Old Valaris’s assets and liabilities to the go-forward Valaris Group, of which Valaris Limited is the parent company. Following the UK Transaction, Old Valaris is no longer a part of the go-forward Valaris Group. All entities other than Old Valaris are continuing to operate in the ordinary course with the benefit of a significantly delevered capital structure. Any queries regarding ongoing operations should be directed to the go-forward Valaris Group at ir.hdqrs@valaris.com.

Creditors of Old Valaris

The Joint Administrators will shortly write, or have written to all creditors with a known balance owed by Old Valaris as at the date of appointment (i.e. 30 April 2021).

Old Valaris’s unsecured trade creditor liabilities have all transferred to and will be satisfied by the go-forward Valaris Group in accordance with the terms of the Plan. $7.1 billion of funded debt was discharged pursuant to the Plan and, as such, Old Valaris’s principal financial creditors have no unsecured claim in the administration.

Accordingly, the Joint Administrators are not aware of any trade or financial creditors of Old Valaris. Should you disagree with this position, please contact our claims agent, Stretto, at 855-348-2032 (Toll-Free) or +1 949-266-6309 (International) in the first instance.

Shareholders of Old Valaris

As part of emergence from chapter 11, the shareholders of Old Valaris will be issued warrants for shares in the parent company of the go-forward Valaris Group, as agreed under the Plan.

If you are a shareholder of Old Valaris and have any questions regarding these warrants, please contact the go-forward Valaris Group in the first instance, at ir.hdqrs@valaris.com.

Shareholders of Old Valaris are entitled to request a copy of the Joint Administrators’ statement of proposals (a document setting out the strategy of the administration), free of charge, by applying in writing to Stretto at ValarisInquiries@stretto.com.

The affairs, business and property of Old Valaris are being managed by Jonathan Charles Marston and Mark Granville Firmin, each of Alvarez & Marsal Europe LLP who act without personal liability.